Industry estimates suggest the herd may have contracted much more, however, with some putting the decline at 50%.

“The pig herd hasn’t reached its lowest level yet. It will fall further in the second half of the year,” Zhang Liwei, a senior analyst at the official China National Grains and Oils Information Center, told a conference on Friday.

He said the decline would further impact soymeal demand, which is already under pressure.

The growing shortfall in pigs has pushed China’s live hog prices above the 2016 record, with the national average at 23.49 yuan ($3.34) per kg this week. Analysts also expect pork prices to surpass record levels in coming months.